Fund overview & performance

Asset class

Based on three-year return


Annualized returns

Between % and %

 


Fund management

Series

Clear all filters

Canada Life Canadian Core Plus Fixed Income Fund

July 31, 2025

The Fund seeks to provide a steady flow of income by investing primarily in Canadian government and corporate fixed-income instruments and asset-backed securities with maturities of more than one year.

Is this fund right for you?

Risk Rating

How is the fund invested?

Asset allocation (%)

Name Percent

Geographic allocation (%)

Name Percent

Sector allocation (%)

Name Percent

Growth of $10,000 (since inception)

Data not available based on date of inception

Fund details

Top holdings %
Total allocation in top holdings -
Portfolio characteristics
Standard deviation -
Yield to maturity -
Duration (years) -
Coupon -
Average credit rating Not rated

Understanding returns

Annual compound returns (%)

1 MO 3 MO YTD 1 YR
Data not available based on date of inception
3 YR 5 YR 10 YR INCEPTION
Data not available based on date of inception

Calendar year returns (%)

2024 2023 2022 2021
Data not available based on date of inception
2020 2019 2018 2017
Data not available based on date of inception

Range of returns over five years

Best return Best period end date Worst return
Worst period end date
Data not available based on date of inception
Average return % of periods with positive returns Number of positive periods Number of negative periods
Data not available based on date of inception

Q2 2025 Fund Commentary

Market commentary

Canada’s economy slowed in the second quarter. Trade disruptions from U.S. tariff announcements weighed heavily on the economy. Gross domestic product and exports declined. The Bank of Canada (BoC) said ongoing trade tensions with the U.S. could lead to weaker growth for Canada.

The BoC kept its key interest rate at 2.75% and highlighted the need to act carefully between supporting growth and managing inflation. Business investment and household spending remained subdued. Canada’s unemployment rate rose to 7.0%, the highest level since 2021, as job creation lagged labour-force growth.

The Canadian fixed income market declined. Yields on 10-year Government of Canada bonds increased as the BoC held rates steady and Canada’s first-quarter growth was stronger than expected. Government bonds declined and generally underperformed investment-grade corporate bonds, which posted a small gain. High-yield bonds rose because of improving risk sentiment and investor appetite for income.

Performance

The Fund’s relative exposure to Rogers Communications Inc. (5.0%, 2081/12/17) was positive for performance. The bond was supported by stable fundamentals and strong investor demand for yield. Relative exposure to U.S. Treasury (4.625%, 2055/02/15) was negative for performance because of its longer duration (sensitivity to interest rates). The bond’s longer term made it sensitive to the upward shift in the yield curve.

At the sector level, overweight exposure to corporate bonds had a positive impact on the Fund’s performance. The sub-advisor managed the Fund’s duration positioning when the yield curve steepened, which was positive for performance. In U.S. holdings, longer-term bonds were negative for performance.

Portfolio activity

The sub-advisor added a new issue of The Toronto-Dominion Bank (3.842%, 2031/05/29) to increase the Fund’s exposure to short-term corporate bonds. The company’s strong credit ratings and capital position supported investor demand. A holding in Government of Canada (3.25%, 2035/06/01) was increased.

T-Mobile USA Inc. (5.2%, 2033/01/15) was sold to reduce U.S. corporate bond exposure and the proceeds were shifted to align with the Fund’s preferred geographic positioning. U.S. Treasury (4.625%, 2055/02/15) was reduced because of its long term, which made it sensitive to the steepening of the yield curve and rising interest rates for long-term issues.

Mackenzie Investments

Contact information

Toll free: 1-844-730-1633

Data not available based on date of inception

Export to: